Florida's Exports Grow

BUSINESS BRIEFING

April 8, 1998

Thanks to booming business with the Americas, Florida's ranking has moved up to No. 7 among U.S. states for producing goods for export. The value of products grown, manufactured or mined in Florida and shipped abroad rose 11.9 percent last year to $27.6 billion, helping the Sunshine State move up from its No. 8 slot nationwide and pass Ohio.

Brazil remained the top market for exports that originate in Florida, with shipments up 26.1 percent to $3.3 billion. Canada ranked second at $2 billion and Colombia third at $1.6 billion. Industrial and computer equipment worth $6 billion was the top export originating in Florida, according to Enterprise Florida, the state's economic development group.

CHS in `Fortune' 500

Miami-based CHS Electronics, a leading distributor of microcomputer products formed just five years ago, has won a spot on Fortune magazine's list of the top 500 companies based in the United States in 1997. Seven other South Florida companies also made the list.

CHS ranked No. 320 based on its annual revenues of $4.8 billion. It also placed No. 5 among the Fortune 500 in revenue growth and No. 16 in profit growth. CHS distributes computer products to more than 100,000 re-sellers in 39 countries in Europe, Latin America, Asia and Africa. Company sales rose 156 percent last year from $1.9 billion in 1996. Profits rose 298 percent from $12.2 million, company executives said.

The State Department was embroiled in a dispute Tuesday over whether a Connecticut company has received government permission to arrange a trade exhibition in Cuba for U.S. health care suppliers to sell medical equipment.

PWN Exhibicon International announced it had received permission, touting the decision as a ground-breaking move in rebuilding ties with a country that has been subjected to a trade embargo for almost 40 years. But the State Department said PWN, based in Westport, Conn., was merely given permission ``to spend funds . . . to explore the holding of an exhibition.'' PWN President Peter Nathan expressed surprise that the State Department had said the government had given the green light only for exploratory activities.

The State Department minimized the significance of the license approval, contending that since 1992, 12 licenses have been approved for U.S. companies to spend funds in Cuba to promote the sale of medical items. It said a number of hurdles will have to be cleared before a trade show takes place.

Depot ready to grow

Delray Beach-based Office Depot will resume an aggressive expansion and renovation plan after rebuilding its executive team following the failure of its combination with Staples last year. The office supply retailer will add 80 to 100 stores this year, Chief Executive David Fuente said at the Robinson-Humphrey Co. investment conference in Atlanta. It will renovate 200 stores this year and all 612 of its current sites by the end of 2000.

Between the time the proposed purchase by Staples was announced and the time it was dropped, Staples opened 88 stores and OfficeMax added 108 stores. Office Depot, by comparison, opened only 29 stores _ a key indicator in a business in which investors keep score by the number of store openings. It ended the year with 602 stores.

Cendant extends offer

Cendant extended its tender offer for shares of American Bankers Insurance Group until May 6. It had been set to expire on Tuesday. The company said it has been tendered 33.9 million shares under its offer to buy 23.5 million American Bankers common shares for $67 a share in cash. Cendant did not say why the $3.1 billion offer was extended.